SOL is technically overbought, but that didn't stop the Solana bulls last time.
) jumped past a critical resistance level that had limited its recovery attempts during the November 2021-March 2022 price correction multiple times, thus raising hopes of more upside in April.underwent extreme pullbacks upon testing its multi-month downward sloping trendline in recent history.
For instance, the SOL/USD pair dropped by 60% two months after retracing from the said resistance level in December 2021. Similarly, it had fallen by over 40% in a similar retracement move led by a selloff near the trendline in November 2021.But Solana flipped the resistance trendline as support after breaking above it on March 30, accompanied by a rise in trading volume that showed traders' conviction in the breakout move.
. As such, the golden cross boosts SOL's likelihood of continuing its rally, as well as its breakout above the falling trendline resistance.The upside prospects increase further if a technical fractal highlighted by Delphi Digital is to be believed. The crypto research firm highlighted a correlation between SOL's price and the combination of its two technical indicators: the S/R flip and relative strength index divergence.
Notably, the first time Solana's RSI jumped above 70, an"overbought" area, after a strong price uptrend — that had it also break above the descending trendline support of that period — SOL tended to continue rallying despite its RSI consolidating lower or sideways.For instance,
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